Egypt-based fintech newcomer Qardy has just announced a substantial enhancement to its operational capabilities, having successfully closed a seven-figure pre-seed funding round in US dollars. This injection of capital is earmarked for the expansion of Qardy’s innovative platform, which is designed to facilitate the provision of loans to micro, small, and medium-sized enterprises (MSMEs).
Launched in 2022, Qardy has quickly made a name for itself, carving out a reputation as a reliable ally for MSMEs and partnering financial institutions alike. Boasting a portfolio of over 1,000 corporate clients and having processed loans totaling more than EGP 550 million (approximately USD 12 million), Qardy has showcased its robust growth trajectory.
The investment round was spearheaded by 500 Global, White Field Ventures, and Vastly Valuable Ventures, with additional contributions from a number of angel investors. The fresh funds are set to empower Qardy to refine its platform’s capabilities, broaden its suite of services, and push forward with its ambitious plans to branch out into Saudi Arabia and the broader regional market.
Qardy is on a mission to revolutionize the MSME lending landscape by slashing the typical loan approval duration from a lengthy nine months to a mere 18 days. This digital-first strategy stands in stark contrast to the conventional, paperwork-intensive process that often hinges on personal networking.
Amal Dokhan, Managing Partner at 500 Global, expressed enthusiasm for Qardy’s vision of making financial services more accessible: “We are thrilled to back Qardy’s endeavor to democratize financial service access. Their cutting-edge solution holds the promise of effecting a substantial positive influence on the operations of a multitude of businesses.”
